Short Gold - Descending Triangle $1280 support level broken
Our analysis on 10.04.19 highlighted a descending triangle with the support level at $1280 needing to be broken to confirm the downtrend. Prices have fallen below the lower descending triangle support trendline suggesting the downward momentum is building and a breakdown is imminent. This would result in an extension of the depreciating move towards the long term trend line support level around $1260. Therefore we remain short gold and expect prices to continue falling in the short to medium term.